EBA Launches Signposting Tool to Simplify Supervisory Reporting Requirements
The European Banking Authority (EBA) has introduced a new signposting tool aimed at helping banks navigate and comprehend supervisory reporting requirements (EBA reporting frameworks). This tool, which aligns with the EBA's objective of establishing a more proportionate regulatory reporting framework, addresses one of the recommendations made in the EBA's June 2021 Report on the cost of compliance with supervisory reporting requirements.
The interactive signposting tool has been developed to simplify compliance, lower reporting costs, and establish a standardized business logic. Its primary function is to aid banks in identifying the appropriate reporting modules and templates that align with their unique circumstances. It addresses institutions of various sizes and complexities, focusing on benefiting small and non-complex institutions by simplifying the complexity surrounding reporting obligations.
The EBA anticipates that this signposting tool will enhance banks' understanding of regulations, reducing the time and effort required to navigate reporting requirements.
It is important to note that the signposting tool is only a guide for orientation purposes and does not possess legal authority. To ensure compliance, the EBA emphasizes the need for institutions to consult the authentic versions of relevant legal acts, including their preambles as published in the Official Journal (OJ) of the European Union.
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